Institutions as Knowledge Capital: Ludwig M. Lachmann’s Interpretative Institutionalism
AbstractThe paper revisits the socioeconomic theory of the Austrian School economist Ludwig M. Lachmann. By showing that the common claim that Lachmann’s idiosyncratic (read: eclectic and multidisciplinary) approach to economics entails nihilism is unfounded, it reaches the following conclusions. (1) Lachmann held a sophisticated institutional position to economics that anticipated developments in contemporary new institutional economics. (2) Lachmann’s sociological and economic reading of institutions offers insights for the problem of coordination. (3) Lachmann extends contemporary new institutional theory without simultaneously denying the policy approach of comparative institutional analysis.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 3087.
Date of creation: 2006
Date of revision:
Comparative institutional analysis; coordination; expectations; institutional evolution; interpretative institutionalism;
Other versions of this item:
- Nicolai J. Foss & Giampaolo Garzarelli, 2007. "Institutions as knowledge capital: Ludwig M. Lachmann's interpretative institutionalism," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 31(5), pages 789-804, September.
- D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
- B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
- B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-05-12 (All new papers)
- NEP-CBE-2007-05-12 (Cognitive & Behavioural Economics)
- NEP-KNM-2007-05-12 (Knowledge Management & Knowledge Economy)
- NEP-SOC-2007-05-12 (Social Norms & Social Capital)
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